Interesting story on the CBS Morning Show today. Link They were reporting that holiday hiring was going to down 11% this year. The major reason stated was that the economy was bifurcated. The upper income folks are doing fine having received all the income gains, but the lower income folks are struggling. Of course, that's vague. It would underline the situation if she gave percentages, such as the upper 10% are fine, but the bottom 90 are stagnant.
The economist reporter stated that the average income today is less (after inflation) than it was in 1999. So retailers are acknowledging by their hiring that the people just don't have the money to spend. Just another sign that the pie is shrinking due to the refusal of the top 10% to share any gains with the other 90%. In fact, they'd rather spend their money on lobbyists and politicians to keep things as they are. I've got mine, screw you!